The world’s largest zinc miner cut its annual production guidance in its latest quarterly report, but market watchers wonder if an increase is coming.

Glencore (LSE:GLEN) cut its output forecast for zinc and other commodities in latest quarterly production report, published on Monday (October 30).

The world’s largest zinc producer said operational difficulties, maintenance and end-of-mine declines were the main reasons for the cuts, but added that its earnings will not suffer.

The company lowered its 2017 zinc output guidance to 1.1 million tonnes (+/- 15,000 tonnes) from 1.13 million tonnes (+/- 25,000 tonnes) in August.

“Glencore’s third-quarter production figures were weak with numerous one-off issues affecting output,” said analysts at Barclays (LSE:BARC). The firm’s zinc production fell to 256,600 tonnes in Q3, a 9-percent decrease compared to the same period last year.

Other factors, such as China’s environmental crackdown and stockpiles shrinking, have also impacted prices, but speculation as to when Glencore could bring back production continues to be one of the crucial factors in the base metals market.

CEO Ivan Glasenberg has said he will only raise zinc output once he is confident an increase will not drag the market lower. Since the cuts were announced, Glencore’s messaging has been “pretty clear” Colin Hamilton of BMO Capital Markets told the Financial Times.“They said would bring back supply once the physical market tightened and that’s happened,” said Hamilton, who believes Glencore has “a window of opportunity” to restart production before two new mines — Dugald River in Australia and Gamsberg in South Africa — hit their straps in 2019.

Meanwhile, Vivienne Lloyd, an analyst at Macquarie, said the company will likely bring supply back to the market in small increments starting in 2018. The miner will aim to make the “softest impact possible” on the tighter market it has helped to create, she said.

“Glencore’s aim was to create price support by clearing out surplus inventories,” Lloyd added. “The point wasn’t to see how quickly they could get zinc to $3,000. It was to clean up the market.”